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Weekend edition January 19, 2024 | Katelyn Keenehan

Company outlook has ‘improved’ since last month, ECO report says

The Knoxville Chamber's ECO Report is a monthly overlook of the economic gains and losses in our city.

The ECO Report generated by the Knoxville Chamber is in large based on a monthly survey of businesses in the manufacturing, retail, and service sectors. The survey gives an idea of the current economic conditions and helps our city gain insights into the economic outlook for the next six months.

Some good news out of December’s report, the evaluation of the level of general business activity among manufacturing companies is “the same” and company outlooks had “improved” as the 2023 year came to a close. However, the month-over-month responses show no real changes in the quantity of production,  growth rate of orders, volume of shipments, or number of employees.

Furthermore, the majority of manufacturing companies said they don’t anticipate any major growth or changes in the next six months. that could be in-pert due to an overall pessimistic economic outlook, or the presence of an election year. Though, some believe prices will continue to creep, slightly.

Check out this graphic from the Knoxville Chamber.

Turning to the labor market, the Knoxville MSA’s unemployment rate in November was 3.1 percent, which was down from 3.3 percent in October. Comparatively, the U.S. unemployment rate was 3.5 percent in November, which was down from 3.6% in October. Additionally, the pool of people in the job market in Knoxville decreased. The Knoxville labor force decreased 0.9% from 454,181 in October to 450,267 in November.

Check out this graphic from the Knoxville Chamber.

Find more statistics about the state of the economy in Knoxville on the Chamber’s monthly ECO Report.

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